The person or persons responsible for administering the deceased's Estate are called Personal Representatives. When there is a Will the Personal Representative is the Executor named in the Will; in the absence of a Will (or if the Executor named in a Will is unwilling or unable to act) then the Personal Representative is known as the Administrator. The duties of either an Executor or Administrator depend largely on the nature of the Deceased's Estate.
Personal Representatives are responsible for ensuring that the Estate is administered correctly and lawfully. As a result, the Personal Representative is personally liable to the Beneficiaries of the Estate and any other persons claiming to be due money from the Estate. If there is a Will, the Personal Representative must make sure that the wishes of the Deceased, as set out in their Will, are followed. If there is no Will, you must follow the rules of Intestacy as set out in the Administration of Estates Act 1925.
If you are concerned about your duties and repsonsibilities as a Paersonal Representative we will be more than happy to discuss this with you further.
The timescale of any Probate administration is entirely dependant on the nature and complexity of the estate. An estate with one or two bank accounts will be much quicker than an estate with multiple properties, foreign assets and complex investments. You should expect the simplest Proabtes to take in the region of 12-16 weeks. The majoirty of Probates are completed within 6-7 months from the date we commence work. Some exceptionally complex cases can take longer than 12 months to fianlise.
Our costs may vary depending on the size and complexity of dealing with a particular Estate. Our minimum charge for a simple estate is £2,500 + vat & disbursements. We will set our cost rate by agreement with the Personal Representative at the outset of the matter. The fixed fee we will quote you at the outset of the matter will take into account fatcors including: nature of assets (land/bank accounts/shares etc); the amount of different assets; foreign assets; the requirement for Inheritance Tax Returns; number of beneficiairies etc (not an exhaustive list) as these are all matters that we undertake on your behalf. To assist you in budgeting and understanding our fees, our fixed fees for a full Probate Service (quoted on a case by case basis) will typically be:
Full Probate Service (notifying institutions, obtaining valuations, completing InheritanceTax Return and Probate Application, collecting assets, discharging liabilities and distributing the net estate)
Minimum Charge - £2,500 + vat @ 20% (£3,000) plus disbursements (see below)
Where the Firm is NOT the Executor - typically 1.5% of the gross value of the Estate + vat @ 20% and disbursements (for example a £500,000 estate would be £7,500+vat (£9,000) plus disbursements).
Where the Firm IS the Executor - typically 1.75% of teh gross value of the Estate + vat @ 20% and disbursements (for example a £500,000 estate would be £8,750 + vat (£10,500) plus disbursements).
Probate only Service (when we limit our service to simply compelting the Inheritance Tax Return and the Probate Application)
£1,000 + vat @ 20% (£1,200) plus disbursements
These are expenses that we pay on your behalf but do not form part of our fees. Disbursements, as they are not our fees, do not attract VAT. You will however fidn tehm deducted from monies we hold during the Probate process. Typical Probate Disbursements include:
Probate Court Fee £157
Certainty Will Search (optional) £90
Trustee Act Notices in newspapers (optional) £200 (estimated)
Bankruptcy Searches £1 per beneficiary
Land Registry Fees - dependant on nature of transaction and value of Property
What is not included?
The above fee scales are gudiance in relation to the administration of the estate. Where extra costs are likely to be incurred, we would always advise you before they can become payable. You would have the opportunity to discuss with your Lawyer first. Typical examples of Legal work that are not included in the above quotes are:
Electronic Transfers of Large sums of money (typically £25+vat @20% plus the Bank Fee of £17 (no Vat) totalling £47 per transfer)
Acting for you defending a Claim brought against the Estate - this is separate legal work to be provided by a Litigator
Varying the Will - this would be charged as a separate fee (typically £450+vat @20%= £540)
Conveyancing Services for the Sale of any Property in the estate (see our Conveyancing page for fee scales)
Contact us on 01803 313656 or email [email protected]